Indicators sourced from IMF, Central Bank of Iraq, Ministry of Finance, and SOMO (May 2026).
Key Macroeconomic Indicators
Proportional visualization of macro indicators by absolute value based on latest available data.
Indicators Comparison: 2023 vs 2024 vs 2025
| Indicator | 2023 | 2024 | 2025 (est.) |
|---|---|---|---|
| GDP growth (%) | +3.7% | −1.5% | −2.4% (9M) |
| Annual inflation (%) | +4.4% | −12.3% | ~0.5% (Oct) |
| Oil revenues ($B) | ~$98B | ~$94B | ~$73B (proj.) |
| Budget deficit (IQD trillion) | +9.7T | +17T | +17T |
| Domestic debt ($B) | ~$60B | ~$64B | $69.2B |
| Foreign reserves (IQD trillion) | 145.6T | 130.8T | 127.5T |
| Official exchange rate (IQD/$) | 1,320 | 1,320 | 1,320 |
| Parallel exchange rate (IQD/$) | ~1,583 | ~1,515 | ~1,421 |
Economic Events Timeline
Key decisions and events that shaped Iraq's economic trajectory from 2023 through 2026.
Iraqi dinar revaluation
The Central Bank of Iraq raised the official exchange rate from 1,460 to 1,320 IQD per dollar, reducing imported inflation and strengthening citizens' purchasing power.
Three-year budget 2023–2025 passed
Iraq's parliament approves the country's first three-year budget worth 622 trillion IQD ($153B) — the largest in Iraqi history. The budget assumes $70/barrel oil and 3.5 million bpd production.
IMF Article IV consultation report
The IMF estimates Iraq's GDP growth at −2.2% for 2022, projects 1.4% for 2024, and warns of rising public debt and external stability risks without fiscal reform.
2024 oil revenues hold steady at $94B
SOMO data: Iraq exported oil worth ~$94B in 2024, down 4% from the prior year on lower prices. Record volumes redirected to Asian markets due to Red Sea disruptions.
CBI: foreign reserves drop 10.3%
The CBI annual monetary policy report shows foreign reserves declined from 145.3 to 130.3 trillion IQD (−10.3%) due to lower oil prices and higher government expenditures.
Eco Iraq: 2025 deficit reaches 17 trillion IQD
Eco Iraq observatory announces Iraq's 2025 budget deficit reached 17.04 trillion IQD ($13B). Expenditures: 141T IQD; revenues: 124T IQD; oil accounts for 88% of total revenue.
Domestic debt surpasses 90.7 trillion IQD
The Central Bank of Iraq reports domestic public debt climbed to 90.7 trillion IQD ($69.2B) by end-2025 — a record high, per Shafaq News citing CBI data.
World Bank: Iraq GDP down −2.4% in 2025
The World Bank Iraq Economic Monitor reports GDP contracted −2.4% in the first nine months of 2025, with oil GDP down −5.7% due to OPEC+ limits, plus water/electricity shortages constraining non-oil growth.
Methodology & Sources
The observatory draws on official data from credible international and governmental institutions, updated as new reports are released.
- Time scope Covers 2023–2026, with emphasis on 2024–2025 as the most recently available data.
- Data sources Central Bank of Iraq, Ministry of Finance, SOMO, IMF, World Bank, EIA, Reuters, Fitch, and Shafaq News.
- Estimation method Precise figures from official sources; estimates flagged where final data are unavailable. The lowest confirmed figure is used when sources diverge.
- Update cadence Monthly review, with immediate updates upon release of IMF or World Bank annual reports.
- Central Bank of Iraq — Annual Monetary Policy Report 2024 · cbi.iq
- Iraq Ministry of Finance — State Account 2025 · mof.gov.iq
- SOMO — Ministry of Oil · oil.gov.iq
- IMF — Article IV Consultation 2025 · imf.org
- World Bank — Iraq Economic Monitor · worldbank.org
- U.S. Energy Information Administration EIA — Iraq 2025 · eia.gov
- MEES — Iraq Oil Revenue Analysis 2024 · mees.com
- Eco Iraq Observatory via Kurdistan 24 · kurdistan24.net
- Shafaq News — Public debt & oil data · shafaq.com
- FRED St. Louis — Inflation & unemployment data · fred.stlouisfed.org